Full support
through the whole process
At Harvest Transitions, we don’t subscribe to the saying that you’ve reached a good deal when everyone is equally unhappy. We believe that the best transitions happen when everyone involved is equally excited at closing as they were at the first introductions. We’ve experienced this repeatedly, which is why we continue to follow our systems and processes.
STEP ONE
Free Consultation
The first step is to set up a Free Consultation. This consultation allows us to get to know you, your practice, and learn about what you’re looking for in a Practice Transition. We will talk through the entire process and set real expectations for every aspect of the transition.
STEP TWO
Practice Valuation
The second step is to do a Practice Valuation. This allows you to know what to expect as a Fair Market Price for your practice. You should take this to your CPA and your Financial Planner so they can plan on tax liabilities and secure your financial outlook for retirement.
STEP THREE
Market
The third step is to market your practice. We do this by listing an anonymous practice summary on our website, our social media outlets, through our vendor network, and on some industry specific 3rd party sites.
STEP FOUR
Interest
The fourth step is to have any parties responding with interest to the listing sign an NDA. This protects your practice’s information and keeps all information confidential. Once we have an NDA in place, we discuss the practice details with them and screen them to make sure they’re a good fit for you and your practice.
STEP FIVE
Meeting
The fifth step is to set up an in-person meeting. This meeting is an opportunity for a buyer to tour and see your office and equipment as well as get to know you. We are not discussing financials or deal points in this initial meeting. We are only discussing treatment philosophies and making sure both parties are comfortable moving forward.
STEP SIX
Letter of Intent
The sixth step is to draft a Letter of Intent (LOI) and finalize any due diligence needed. The LOI will cover a handful of key deal points necessary for an attorney to put together the Asset Purchase Agreement (APA). The follow up to the LOI is to have an in-person meeting to complete the APA Checklist. This checklist conversation works out many deal points needed for a successful transition and allows the attorneys to focus on the legal aspects of the APA and not the business aspects.
STEP SEVEN
Attorney
The seventh step is to hire a knowledgeable attorney (we have vetted recommendations) to draft and/or redline all necessary documents. Each transition is unique and may require up to 5 or more different documents. Your Harvest Transitions broker will help make sure you are educated on all the necessary documentation and that your attorney has all the information they need to protect you.
STEP EIGHT
Closing
The eighth and final step is the closing and transition period. We get to celebrate you moving into the next chapter of your life’s journey! Then, you get to promote the buyer as you transition your way out of the practice, whether that be immediately, after a short while, or over a period of years. We look forward to walking you through the whole process and making sure you are walk away proud of your accomplishments and excitedly happy as you pass the baton of practice ownership onto your successor.
Contact us today so we can work to find the right buyer for your practice and help transition you into your next adventure!
